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Portland Real Estate Update By Rob Levy

Portland Real Estate Update March '17

February 2017 brought more mixed activity to the Portland metro area, but activity made some gains over last month. Pending sales (2,369) showed a 19.0% increase over the 1,990 offers accepted last month in January 2017, but a 15.0% decrease when compared to last year in February 2016.  Similarly, new listings (2,521) ended 12.9% under the 2,896 new listings offered last year in February 2016 but were 14.0% warmer compared to the 2,212 new listings offered last month in January 2017. 

Closed sales, at 1,669 for the month, ended 7.9% below February 2016 (1,813) and 9.6% below closings recorded last month in January 2017 (1,847).  Inventory edged slightly higher in February, ending at 1.9 months. Total market time rose to 62 days during the same period. There were 3,109 active residential listings in the Portland metro area this February.

Comparing the average price of homes sold in the twelve months ending February 28th of this year ($400,800) with the average price of homes in the twelve months ending January 2016 ($357,400) shows an increase of 12.1%. In the same comparison, the median has increased 12.9% from $310,000 to $350,000. 

Bidding wars in February: Fevered Portland homebuyers pay more than asking price

This article in the Portland Oregonian newspaper talks about houses in February going for over, well WELL over the asking price.  The homes in this article are in NE, SE and North Portland but we also at the Rob Levy team experienced this with five sales in the Beaverton/Aloha area with $375k range homes going for over $400k in the last few weeks.

Click HERE to read the article.

Interestingly according the the Portland MLS, there were 525 pending home sales three weeks ago, 661 two weeks ago and 735 last week.  These sales are outpacing the new listings coming on the market.   The Portland area is continuing to experience people moving here from other parts of the country and world, especially the Bay area, and Southern California.

Buy a Whole Oregon Town for Under $4 Million!

For less than the prices of some single family homes in the Los Angeles, San Francisco and New York areas amongst others you can buy an entire Oregon town, on a river for $3.85 million - including a schoolhouse!  This article in the Oregonian talk about Tiller Oregon, on 250 acres on the banks of the South Umpqua river.  Its close to Canyonville, and even close to a Casino too!  Check it out at the link above.